Luup to enhance Oxigen's financial services via mobile phone

by CXOtoday Staff    Oct 28, 2010

OxigenOxigen Services signed a service agreement with Luup, a mobile payments company. The signing ceremony was attended by Trond Giske, Minister of Trade & Industry of Norway. Oxigen is recharge, bill payments, ticketing and kiosk banking service provider.

The tie-up is expected to promote seamless branchless banking, cross-border as well as domestic remittances and airtime top-up through the banking channel – all via a mobile handset.

Pramod Saxena, MD and chairman, Oxigen commented, “Oxigen’s new partnership with Luup is a major step forward in enabling the unbanked and under-banked people in India to receive money from their earning family members overseas. Oxigen is continuing to leverage its retail foot print and payment solution software to bring greater convenience and cost savings to its customers.”

India is the largest receiver of remittances globally. Oxigen will use Luup’s mobile money technology platform and services to run all of Oxigen’s bank-orientated mobile financial services. The services will be scalable, secure and user-friendly – to benefit both endusers (banked, unbanked and under-banked) and bank kiosk agents, informed the company.

“By signing up key partners from banks, exchange houses and payroll processors we create gateways such as the one from the Gulf region to India, bringing vital new solutions to the Indian community,” explained Morten Hofstad, regional director, Luup.

In addition, Luup will add all Oxigen services to its own portfolio of mobile branchless banking and mobile remittance solutions. Through the partnership, Oxigen’s retail network will become part of an extended local and international payments gateway.

India receives more than 50 B $ annually in remittances from Overseas Indians, out of which approx 25B$ is from Gulf countries alone. According to Oxigen, this mobile-based money transfer service will benefit their Indian families who will now be able to receive money into the No Frill Accounts opened at Oxigen SBI banking kiosks in their neighborhood.